Write cost pool, cost driver, activity cost, budgeting.   What are the assumption of CVP analysis? What is BEP point?   Draw a CVP graph.

Q: Cost estimation is the process of   a. Summarizing pwst costs into fixed variable components.…

A: Solution: Cost estimation is the process of "Estimating the relationship between costs and the costs…

Q: reate an AIS diagram for Budget Profit Planning Process using the 6-level plannin

A: Budgeted Planning Process While preparing the budgetary planning process which needs the details of…

Q: Define the following terms: (a) cost behavior and (b) relevant range.

A: Cost behavior and relevant range are terms under cost accounting. Cost behavior studies the pattern…

Q: Define data processing and what are its representative cost driver?

A: Data processing:Data processing generally converts raw data into a desired and used format that can…

Q: Requirements a. What is the slope coefficient? b. What is the constant for the estimated cost…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: What is meant by a product’s contribution margin ratio? How is this ratio useful in planningbusiness…

A: Contribution Margin Ratio: The contribution margin ratio shows the amount of difference in the…

Q: Define Cost effectiveness.

A: Cost effectiveness refers to the examination of both cost and health outcomes of different course of…

Q: Distinguish between a cost center, a profit center, and an investment center

A: Definition: Responsibility center: A department or unit of a corporation where the management…

Q: The use of standard costs in pricing and budgeting is quite valuable  since decisions in the fields…

A: Standard cost is the cost which is predetermined and which is expected to be incurred during the…

Q: Describe the conference method for estimating a cost function. What are two advantages of this…

A: Conference method:

Q: Which costing techniques are related to a predetermined cost as a performance targe and actual…

A: Solution: "Standard costing" are related to a predetermined cost as a performance target and actual…

Q: The process of creating a formal plan and translating goals into quantitative form is Process…

A: The process of creating a formal plan and translating goals into quantitative forms is known as…

Q: Complete a locational cost–volume analysis graphically and mathematically

A: Locational cost volume analysis is way to find the volume of production at which the company break…

Q: Define recruiting and what are its representative cost driver?

A: Recruiting:Recruiting is the process of hiring qualified employees to make them work for the…

Q: What are the important points to remember in preparing the breakeven point graph? The…

A: Break-even point is the point at which company neither earns profits nor incurs loss. Break-even…

Q: Describe how nonoutput-based cost drivers can be incorporated into budgeting.

A: Budget: The budgeting is a process of preparing budgets and the evaluation of it to see whether the…

Q: Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost…

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: Describe the components of contribution margin.

A: Contribution Margin: Contribution Margin refers to the margin of profit expected by the company. The…

Q: “All the independent variables in a cost function estimated with regression analysis are cost…

A: Cost driver: Cost driver is one of the measurements that help the company in tracing directly the…

Q: activity cost pool is

A: First option is wrong because an activity cost pool is not a type of duration because it is a amount…

Q: Identify the output and input variables in both the bottom-up and top-down strategies to cost…

A: Bottom ups of the cost estimate are the most accurate cost estimation process wherein every minute…

Q: The following items are some of the tools and techniques used in management accounting. - Budgeting…

A: Management accounting is method to calculate and analyze the data in such a way that managers can…

Q: Explain an example how to calculate cost variance.

A: Cost variance is the difference of standard cost and actual cost in manufacturing of a product. Cost…

Q: are measures of activities that require the use of resources and thereby cause costs Value Chain…

A: Solution: Cost drivers are measure of activities that requires the use of resources and thereby…

Q: Explain how standard costs are established? How do managers evaluate performance using cost variance…

A: Standard costs are those predetermined costs which the company is expected to incur on goods or…

Q: Which of the following is a basic element of effective budgetary control?a. cost behavior patternsb.…

A: Budgeting is a process that involves estimation of total costs and revenues of a firm over a…

Q: Understand how fixedand variable costs behave andhow to use them to predictcosts.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Describe how non output-based cost drivers can be incorporated into budgeting.

A: Budgeting: The budgeting is a process of preparing budgets and the evaluation of it to see whether…

Q: Discuss the techniques that can be applied to obtain relevant and accurate cost estimates.

A: The question is based on the concept of cost estimation, which is one the most important parameter…

Q: difference between absorption costing and variable costing

A: [Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Distinguish between ( a ) a variable cost, ( b ) a mixed cost, and ( c ) a step-variable cost. Plot…

A: Total  cost Total cost refers to the cost which allows the business owners to trace the combined…

Q: Which of the following is the basic purpose of a responsibility accounting?a. variance analysisb.…

A: Definition: Responsibility accounting: The management of responsibility centers by the means of…

Q: h of the following is the format of the income statement that is MOST useful in decision-making?…

A: Solution: For the purpose of decision making, we need to have comparison of relevant revenues and…

Q: Describe three criteria for evaluating cost functions and choosing cost drivers.

A: Cost Function:   Cost function represents the basic change comes in the total cost due to the change…

Q: Costing information can be used for? a. Budget control and evaluation b. Determining standard costs…

A: Costing is process to assign cost to different elements in organisation.

Q: Describe the concepts of contribution margin, relevant range, and relevant costs

A: Solution:- Analysis the concepts of contribution margin, relevant range, and relevant costs as…

Q: . The use of standard costs in pricing and budgeting is quite valuable since decisions in the fields…

A: Standard costs are estimates of the actual costs in a company’s production process, because actual…

Q: Explained how the use of an activity-based costing system could change the results of the budget if…

A: Activity based costing is the type of costing in which the costs are estimated according to the…

Q: Explain the strategic role of cost estimation.

A: Cost estimation: Cost estimation is a technique that assist the management for taking strategic…